BANGALORE: Aiming for 27 per cent growth in revenue, Tata Group jewellery brandTanishq today said it plans to open around 30 new stores in the country during this fiscal.
"We are looking for 27 per cent growth in revenue this year and we intend to do this by increasing outlets, merchandise, more relevant pricing, building communication. We plan to open as many as 30 stores in this financial year," Tanishq Vice President - Retail and Marketing Sandeep Kulhalli told PTI here.
Tanishq has 150 stores under its brand name, he said, adding new stores will come up in cities across categories.
"The stores will come up in all A, B and C category cities and will have a mix of company operated and franchise operated stores."
On the business turnover the company is looking for in the current fiscal, Sandeep said "we are looking at 25 per cent up; it should be around Rs 10,000 crore."
Operated by watch firm Titan, Tanishq is one of its three jewellery brands, others being Zoya and GoldPlus.
"The jewellery business contributes about 75 per cent of Titan's revenue, and Tanishq's contribution to it is around 90 per cent," he added.
Commenting on recent steps by government to lower import of gold, he said, "Government's interference is largely due to CAD (current account deficit), but the only problem is that they have taken steps that have impacted entire jewellery business per say and not only on jewllery investment."
On the other hand complimenting government's intent to clean up black money by introducing PAN card and TCS (Tax Collection at Source) for big budget purchase he said, "it is a welcome move in long term as it will bring in transparency."
Stating that Tanishq has lost business in higher value category due to this, he said "but this has not impacted much, as there are lots of genuine people who are interested in buying jewellery and there is demand, also. Tanishq has no much stake in higher value jewellery league (5 lakh and above)."
Commenting on diamond business, he said the company's rate of sales had been impacted due to gold rush.
"Our rate of sales has come down to 17-18 per cent in the first quarter as there is interest to buy gold, buyers are looking at gold as good investment opportunity." However, this would be a temporary phenomenon and demand for diamond is likely to improve soon, he added.